At the close:
At the close, the March corn futures settled 4 1/4 cents higher at $3.67 1/4. March soybean futures finished 2 3/4 cents higher at $8.82 1/2.
March wheat futures ended 4 1/4 cents higher at $4.68 1/2. March soymeal futures closed $1.20 per short ton lower at $263.60. March soyoil futures settled $0.38 higher at $31.99.
In the outside markets, the Brent Crude oil market is $1.69 higher per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 246 higher.
Mike
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At mid-session:
At mid-session, the March corn futures are trading 2 cents higher at $3.65. March soybean futures are 3 1/2 cents higher at $8.83.
March wheat futures are trading 3 1/4 cents higher at $4.67. March soymeal futures are $0.10 per short ton higher at $264.90. March soyoil futures are trading $0.25 higher at $31.86.
In the outside markets, the Brent Crude oil market is $1.47 higher per barrel, the U.S. dollar is unchanged, and the Dow Jones Industrials are 215 higher.
Jason Roose, U.S. Commodities grain analyst, says that the markets have turned higher due to short-covering.
“We are seeing nice short covering in the grains today, with the funds record short or near in the grains. It will not take much news to see a higher daily trade,” Roose says.
Roose adds, “Other things that are helping prop up commodities include a waker dollar, optimism in corn exports in corn from yesterday's purchase, slow farmer selling, port delays at Brazil's loading areas due to too much rain.”
Mike
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At the open:
At the open, the March corn futures are trading 3/4 of a cent lower at $3.62. March soybean futures are 1 1/4 cents lower at $8.78.
March wheat futures are trading 1 cent lower at $4.63. March soymeal futures are $0.50 per short ton lower at $264.30. March soyoil futures are trading $0.60 higher at $31.67.
In the outside markets, the Brent Crude oil market is $0.80 higher per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 72 higher.
Mike
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Good morning.
Wheat futures declined overnight on reports that Egypt is rejecting cargoes of wheat left and right. First, it was a French cargo, which was followed by the Egyptians turning away a Canadian ship. Not good news as exporters are losing faith in Egypt, the world's biggest buyer of wheat, as an importing partner.
At 6:15 am:
Early calls:
Wheat 2-3 lower, corn 1-2 lower and soybeans 2-4 lower.
Trackers:
Overnight wheat lower, grains all higher.
Brent Crude Oil = 2.8% higher.
West Texas Intermediate Crude Oil = 2.3% higher.
Dollar = down slightly.
Wall Street = Stock futures higher again as oil rises.
World Markets = Global stocks improving on improving oil prices.
